INCREASING exports and decreasing exports trend, which began in 2016 continued in 2017 resulting positive trade surplus of N4.035 trillion for 2017 according to figures from National Bureau of Statistics (NBS).
“Trade balance, accordingly, stood at a surplus of N1,798.31 billion in Q4 2017 compared to the surplus of N1,088.33 billion recorded in the preceding quarter and the surplus of N671.30 billion in the corresponding quarter last year.
“For the full year 2017, trade balance stood at N4,035.5 billion compared to a negative trade balance of -N290.1 billion in 2016.”
In the Foreign Trade Statistics for the fourth quarter of 2017 released on Saturday, NBS disclosed that total export trade in Q4, 2017 stood at N3,910.6 billion representing a 9.35 percent growth compared to Q3, 2017 and a 31.28 percent growth compared to the corresponding quarter of 2016.
Total trade recorded for Q4 2017 was N6.022.93 billion which represented a decline of 0.7 percent over the Q3 2017, and an increase of 13.9 percent over the same period last year Q4 2016.
For full-year 2017, total trade was N23,160.9 billion which is 33.5 percent higher when compared to the value in 2016 of N17,344.9 billion. Crude oil exports grew by 9.51 percent over Q3, 2017, and by 34.2 percent when compared to Q4 2016.
For 2017, crude exports stood at N11, 026.6 billion or 81.1 percent of total exports in 2017 compared to N6,996.5 billion representing 82.0 percent of total exports in 2016, indicating a marginal decline in the share of crude exports in total exports between 2016 and 2017.
Non-crude oil exports at N656.0 billion in Q4 2017, also grew by 8.6 percent over the last quarter, and 18.5% over the same period last year; although not as rapidly as crude oil exports. Non-crude oil exports accounted for16.8 percent of total exports.
The non-oils component on the other was valued at N171.3billion in Q4 2017 representing 4.38% of total export, slightly higher than it was last quarter at 3.4 percent of total export.
Imported Agricultural goods decreased by 1.7 percent in Q4 2017 (N227.4 billion) compared to Q3 2017 (N231.4 billion) but increased by 15.9 percent when compared to Q4, 2016 (N196.2 billion).
For the full year, 2017, imported agricultural goods increased by 35.09 percent to N886.7 billion from N656.4 billion in 2016.
Raw materials import in Q4 2017 (N279.4 billion) were 2.1 percent lower than Q3, 2017 value (N285.3 billion), and 2.7 percent lower than Q4 2016 at N287.2 billion.
For full-year 2017, imported raw materials increased by 19.3% to N1,128.3 billion from 945.7 billion in 2016.
Solid minerals imports grew by 5.19 percent in Q4 2017 (N15.2 billion) over the Q3, 2017 value (N14.5 billion), and 9.2 percent over Q4 2016 (N13.9 billion). For full-year 2017, imported solid minerals increased by 372.2 percent to N235.1 billion from N49.7 billion in 2016.
Manufactured goods imports declined in Q4 2017 by 0.28 percent (N1,209.9 billion) in comparison to Q3 2017 (N1,213.3 billion), but grew by 10 percent in comparison to Q4 2016 (N1,099.5 billion).
For full-year 2017, imported manufactured products decreased by 0.06 percent to N4,642.4 billion from N4,645.1 billion in 2016.
Agricultural goods exports grew in value by 54.9 percent in Q4 2017 (N44.7 billion) in comparison to Q3 2017 (N28.8 billion), and by 170.9 percent in comparison to Q4 2016 (N16.5 billion).
For full-year 2017, agriculture exports grew 180.7 percent (N170.4 billion) above the value in 2016 (N60.7 billion).
At N37.8 billion, raw material exports in Q4 2017 were 43.2 percent more in value than the Q3,2017 figure of N26.4 billion and 71.7 percent more than Q4, 2016 N22.0 billion.
In the full year 2017, raw material exports grew 154.2 percent to N112.9 billion above the N44.4 billion value in 2016 Solid minerals exports in Q4 2017 grew by 55.0 percent in value when compared to Q3 2017, and by 473.5 percent in value when compared to same period last year Q4 2016.
Solid minerals exports grew in 2017 by 565 percent to N77.2 billion above the value in 2016 at N11.6 billion.
Manufactured goods exports in Q4, 2017 (N55.3 billion) were 28.1 percent more than the value attained in Q3, 2017 (N43.2 billion) but declined by 18.03 percent in comparison to Q4 2016 (N67.5 billion).
In 2017, exports of manufactured goods grew 26.8 percent to N232.05 billion above 2016 of N182.9 billion.
Crude Oil exports in Q4 2017 were 9.51 percent more than the value recorded in Q3 2017 and 34.2 percent higher than Q4, 2016 For full-year 2017, crude oil exports grew 57.6 percent above the value in 2016.